STATE OF NEW YORK
________________________________________________________________________
8892
IN ASSEMBLY
January 26, 2024
___________
Introduced by M. of A. GRAY -- read once and referred to the Committee
on Governmental Employees
AN ACT to authorize the village of Clayton to offer an optional twenty
year retirement plan to a certain police officer employed by such
village
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any other provision of law to the contrary,
2 Joshua David, a member of the New York state and local police and fire
3 retirement system who was employed as a police officer for the village
4 of Clayton in 2009, and who through no fault of his own, failed to file
5 a timely application to participate in the special twenty year retire-
6 ment plan contained in section 384-d of the retirement and social secu-
7 rity law resulting in the crediting of his service with the village of
8 Clayton in the retirement plan contained in section 375-e of such law,
9 shall be given full credit in the section 384-d special twenty year
10 retirement plan for such service upon the election of the village of
11 Clayton to assume the additional cost of such service and his election
12 to participate in such plan. The village of Clayton may so elect within
13 one year of the effective date of this act, by filing with the state
14 comptroller a resolution of its local legislative body together with
15 certification that such member did not bar himself from participation in
16 such retirement plan as a result of his own negligence.
17 § 2. Such police officer may elect to be covered by the provisions of
18 section 384-d of the retirement and social security law, and shall be
19 entitled to the full rights and benefits associated with coverage under
20 such section by filing a request to that effect with the state comp-
21 troller within eighteen months of the effective date of this act.
22 § 3. All employer past service costs associated with the implementa-
23 tion of this act shall be borne by the village of Clayton, and may be
24 amortized over a period of five years.
25 § 4. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13542-02-4
A. 8892 2
This bill would allow the Village of Clayton to reopen the provisions
of section 384-d of the Retirement and Social Security Law for police
officer Joshua David.
If this bill is enacted during the 2024 Legislative Session, we antic-
ipate that there will be an increase of approximately $14,000 in the
annual contributions of the Village of Clayton for the fiscal year
ending March 31, 2025. In future years, this cost will vary as the bill-
ing rates and salary of Joshua David change.
In addition to the annual contributions discussed above, there will be
an immediate past service cost of approximately $164,000 which will be
borne by the Village of Clayton as a one-time payment. This estimate
assumes that payment will be made on February 1, 2025. If the Village of
Clayton elects to amortize this cost over a 5-year period, the cost for
each year including interest would be $36,600.
Summary of relevant resources:
Membership data as of March 31, 2023 was used in measuring the impact
of the proposed change, the same data used in the April 1, 2023 actuari-
al valuation. Distributions and other statistics can be found in the
2023 Report of the Actuary and the 2023 Annual Comprehensive Financial
Report.
The actuarial assumptions and methods used are described in the 2023
Annual Report to the Comptroller on Actuarial Assumptions, and the
Codes, Rules and Regulations of the State of New York: Audit and
Control.
The Market Assets and GASB Disclosures are found in the March 31, 2023
New York State and Local Retirement System Financial Statements and
Supplementary Information.
I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
This fiscal note does not constitute a legal opinion on the viability
of the proposed change nor is it intended to serve as a substitute for
the professional judgment of an attorney.
This estimate, dated January 15, 2024, and intended for use only
during the 2024 Legislative Session, is Fiscal Note No. 2024-52,
prepared by the Actuary for the New York State and Local Retirement
System.
